17th Sep 2015 08:37
LONDON (Alliance News) - Amara Mining PLC on Thursday said that results from its drilling campaign at the Yaoure gold project in Ivory Coast increase its confidence in the deposit, and indicate it can significantly reduce the upfront capital cost as it moves it towards become a "large, low-cost gold mine".
Amara undertook an 11,904 metre diamond drill programme at Yaoure between April and August. Drilling results from the northern area of the resource are "very encouraging", the company said, which higher grade intercepts including 5 metres at 39.6 grams per tonne from 163 metres and 4 metres at 34.0 grams per tonne from 75 metres.
Amara expects to deliver an updated Mineral Resource in the fourth quarter of 2015, with full results of its pre-feasibility study optimisation work to be published thereafter.
"The strong results received from the 2015 drilling programme further increase our confidence in the Yaoure deposit. They demonstrate the presence of a higher-grade core within the Yaoure Central zone, which, allied with the selectively mined ore from the CMA zone, will increase the head grade of the ore going to the processing plant," said Chairman and Chief Executive Officer John McGloin in a statement.
"The presence of ore from surface in the Yaoure Central zone also underlines the opportunity for a starter pit in the northern area, which can be mined at a low strip ratio and significantly reduces the need for pre-stripping. This is expected to yield an even more compelling project with robust financial returns and a lower capital requirement. I look forward to delivering the Mineral Resource update and optimisation study results in the coming months," McGloin added.
Shares in Amara were up 9.7% at 10.56 pence Thursday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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